Distinguish between goods and services.

Question

Distinguish between Goods and Services:GoodsServices(i) Goods are tangible in nature i.e. they can be seen and touched.(...

Accepted Answer

Distinguish between Goods and Services:GoodsServices(i) Goods are tangible in nature i.e. they can be seen and touched.(...

Goods	Services
(i) Goods are tangible in nature i.e. they can be seen and touched.	(i) Services are non-tangible in nature i.e. they can neither be seen nor be touched.
(ii) Goods can be stored and utilized when required.	(ii) Services cannot be stored.
(iii) There is a time-gap between production and consumption of goods as they are produced first and consumed later.	(iii) There is no time-gap between the production and consumption of services. That is why they consumed simultaneously.
(iv) They can be transferred from one place to another.	(iv) Transfer of services is not possible.